You can find more information about the Coronavirus Business Interruption Loan scheme on the British Business bank website.
The Coronavirus Business Interruption Loan Scheme went live at noon 23rd March 2020. Under the Scheme, you can borrow up to £5m as a loan or other facilities (depending on the lender) with the first 12 month interest-free. Over 40 accredited providers will be offering facilities under the Scheme. There's a good chance that your current bank does too.
Banks are likely to be overwhelmed with applications, so it's best to prepare in advance all the documentation needed to apply.
Who can benefit from this scheme ?
Any business who needs access to cash to pay rent, salaries, suppliers, or buy stock, will be able to access a government-backed loan, subject to certain criteria.
There are two main schemes available. Plus, extra support for certain business sectors that have been most severely affected.
Further details of the schemes, including eligibility criteria and how to access the benefits, will be announced by the government shortly. We’ll update this information as it becomes available.
Here's a handy to-do list in case you are looking to apply:
- Check if your bank is an accredited lender
- Find your full annual accounts for at least the last two years
- You'll require bank statements for the past 6 months
- Prepare management accounts, or a cashflow forecast
- Make a list of Aged Debtor & Creditors
In order to make the application process the quickest possible, you should check what kind of facilities your bank offers and how much will you need to borrow through it.
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